Spain's Iberdrola increases stake in Gamesa

MADRID, March 7 (Reuters) - Spanish power company Iberdrola (IBE.MC: Quote, Profile, Research) said on Friday it had increased its stake in wind turbine manufacturer Gamesa (GAM.MC: Quote, Profile, Research) by 4.63 percentage points to 23.95 percent.

The increased stake was a result of Iberdrola and bank BBVA (BBVA.MC: Quote, Profile, Research) dissolving a vehicle created to hold 9.25 percent of Gamesa.

In a statement, Iberdrola said it had bought half of these shares for just over 321 million euros ($495 million). (Reporting by Joe Ortiz; Editing by Sonya Dowsett)